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Materials, machinery, and workers are assembled in one place. | factory system |
The government spends more than it receives. | federal deficit |
A market situation in which there are many buyers along with a relatively large number of sellers who differentiate their products from the products of competitors. | monopolistic competition |
The process of distinguishing Colgate from Crest toothpaste. | product differentiation |
The average level of output per worker per hour. | productivity |
A study of how wealth is created and distributed. | economics |
An organized effort to produce and sell goods and services for a profit. | Business |
A system where individuals own and operate the majority of businesses. | capitalism |
A person who takes the risk and invests in a business. | Entrepreneur |
Value of all goods and services produced within a country during a one-year period. | gross domestic product |
The majority of small business firms are successful at the end of ten years. T or F | F |
For a business to be organized, it must combine four types of resources: workers, natural resources, capital, and ownership. T or F | F |
The equilibrium price means that the supply and demand for a product are in balance. T or F | T |
Under communism, individual consumers determine what will be produced. T or F | F |
Hewlett-Packard Corporation and Dell Computer use product differentiation in the marketplace. T or F | T |
If a firm’s sales revenues exceed its expenses, the firm has earned a profit. T or F | T |
Fiscal policy determines the level of interest rates. T or F | F |
The ultimate objective of business firms should be to satisfy the needs of their customers. T or F | T |
Adam Smith is the father of communism and advocated a classless society. T or F | F |
A business cycle consists of four states: peak, recession, trough, and recovery. T or F | T |
Demand is a | relationship between prices and the quantities purchased by buyers. |
The process of separating work into distinct tasks is called | Specialization |
What term implies that there shall be no government interference in the economy? | Laissaz-faire |
When the level of prices in an economy rise, it’s called | Inflation |
The total of all federal deficits is called | National Debt |
The ability to work well with many types of people in the workplace is referred to as | Cultural diversity |
Best Buy and Walmart are both examples of | Marketing Intermediaries |
The study of the national economy and the global economy is referred to as | Macroeconomics |
How well off an individual or a society is, mainly in terms of want satisfaction through goods and services is referred to as | Standard of living |
A monthly index that measures changes in prices that consumers pay for goods is referred to as the ... | Consumer price index |
An application of moral standards to business situations | Business Ethics |
Provides legal protection for employees who report corporate misconduct. | Sarbanes-Oxley Act of 2002 |
A guide to acceptable and ethical behavior as defined by the organization. | Code of Ethics |
All activities undertaken to protect the rights of consumers. | Consumerism |
Informing the press or government officials about unethical practices within one’s organization. | Whistle-Blowing |
A Latin phrase meaning “let the buyer beware.” | Caveat Emptor |
A racial, religious, political, national, or other group regarded as different from the larger group of which it is a part. | Minority |
A plan designed to increase the number of minority employees at all levels within an organization | Affirmative Action Program |
Workers with little education or vocational training and a long history of unemployment. | Hard-Core Unemployed |
The contamination of water, air, or land. | Pollution |
The field of business ethics applies moral standards to business situations. T or F | T |
Business ethics rarely involves the application of moral standards to the business activity of a normal company. T or F | F |
The economic model of social responsibility emphasizes the effect of business decisions on society. T or F | F |
Consumerism consists of all activities undertaken to protect the rights of consumers. T or F | T |
Manufacturers are not required by law to inform consumers about the potential dangers of using their products. T or F | F |
Affirmative-action plans encompass all areas of human resources management, including recruiting, hiring, training, promotion, and pay. T or F | T |
Hard-core unemployed workers are those with little education or vocational training. T or F | T |
The EPA was created by the government to develop new improved ways to clean and improve the environment. T or F | F |
Consumers will probably pay in large part for cleaning up our environment through increased taxes or increased product cost. T or F | T |
A key step in developing and implementing a social responsibility program is the environmental audit. T or F | F |
Business ethics | is the application of moral standards to business situations. |
Customers expect a firm’s products to | Be safe, reliable, and reasonably priced |
Some AIG executives were aware of the financial problems the company was facing and yet failed to reveal this information to the public. | Unethical |
Bribes are | Unethical |
What are three sets of factors that influence the standards of behavior in an organization? | Opportunity, individual factors, social factors |
Informing the press or government officials about unethical practices within one’s organization is called | Whistle-blowing |
Social responsibility | s costly but provides tremendous benefits to society and the business. |
Caveat emptor | Is latin phrase meaning "Let the buyer beware" |
Where does social responsibility of business have to begin? | Management |
Primary emphasis in the economic model of social responsibility is on | Production |
The total value of a nation’s exports minus the total value of its imports over some period of time. | Balance of trade |
The ability to produce a specific product more efficiently than any other nation. | Absolute advantage |
Selling and shipping raw materials or products to other nations. | Exporting |
The ability to produce a specific product more efficiently than any other product. | Comparative advantage |
All business activities that involve exchanges across national boundaries. | International business |
The total flow of money into a country minus the total flow of money out of that country over the same period of time. | Balance of payments |
A tax levied on a particular foreign product entering a country. | Import duty |
A complete halt to trading with a particular nation or in a particular product. | Embargo |
An international barter transaction. | Countertrade |
An internationally supported bank that provides loans to developing countries to help them grow. | Multilateral development bank (MDB) |
The United States has enjoyed a trade surplus during the last two decades. T or F | F |
Tariff is a tax levied on a particular foreign product entering a country. T or F | T |
Quotas may be set on worldwide imports or on imports from a specific country. T or F | T |
The participants in the Kennedy Round have succeeded in reducing tariffs by less than 20 percent T or F | F |
Licensing and exporting can be considered relatively low-risk methods of entering foreign markets. T or F | T |
A letter of credit is issued in favor of the importer. T or F | F |
A letter of credit is issued by the transport carrier to the exporter to prove that merchandise has been shipped. T or F | F |
Strategic alliances are partnerships formed to create competitive advantage on a worldwide basis. T or F | T |
A firm that has no ties to a specific nation or region and operates on a worldwide scale is called a national enterprise. T or F | F |
The International Monetary Fund (IMF) makes short-term loans to developing countries experiencing balance-of-payment deficits. T or F | T |
By definition, every country has a(n) advantage in some product. | Comparative |
Purchasing products or materials in other nations and bringing them into one’s own country is | Importing |
General Motors and Ford products produced in the United States are found around the world. The United States is _________ these automobiles. | Exporting |
__________is the exportation of large quantities of a product at a price lower than that of the same product in the home market. | Dumping |
A complete halt to trading with a particular nation or in a particular product is called a(n) | Embargo |
The World Trade Organization was created by the | Uruguay round |
CAFTA, NAFTA, OECD, and OPEC are all examples of | International economic communities |
Foreign licensing is similar to | Franchising |
Established in 1944 and headquartered in Washington, D.C., the World Bank is an example of | MDB |
What is the term that describes the ability to produce a specific product more efficiently than any other nation?
absolute advantage, economic concept that is used to refer to a party's superior production capability. Specifically, it refers to the ability to produce a certain good or service at lower cost (i.e., more efficiently) than another party.
Is the ability to produce a specific product more efficiently than any other product quizlet?
Comparative advantage is the ability to produce a specific product more efficiently than any other nation.
Is an internationally supported bank that provides loans to developing countries to help them grow?
The World Bank is an international organization that provides financing, advice, and research to developing nations to help advance their economies.
Is the exportation of large quantities of a product at a price lower than that of the same product in the whole market?
Dumping occurs when a country or company exports a product at a price that is lower in the foreign importing market than the price in the exporter's domestic market. The biggest advantage of dumping is the ability to flood a market with product prices that are often considered unfair.
When a business sells the right to manufacture its products or use its trademark?
Licensing is a business arrangement in which one company gives another company permission to manufacture its product for a specified payment. Licensing generally involves allowing another company to use patents, trademarks, copyrights, designs, and other intellectual in exchange for a percentage of revenue or a fee.